Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

v3.22.4
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 9 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Derivatives on Individual Contract Basis
The following table presents outstanding derivatives on an individual contract basis:
  Fair Value of Derivatives
with Unrealized Gains		 Fair Value of Derivatives
with Unrealized Losses
(In thousands) December 2022 March 2022 December 2021 December 2022 March 2022 December 2021
Derivatives Designated as Hedging Instruments:
Foreign exchange contracts $ 80,435  $ 79,046  $ 55,000  $ (58,455) $ (27,678) $ (32,660)
Interest rate contracts 422  —  —  —  —  — 
Total derivatives designated as hedging instruments 80,857  79,046  55,000  (58,455) (27,678) (32,660)
Derivatives Not Designated as Hedging Instruments:
Foreign exchange contracts 4,061  —  2,466  (321) (45) (327)
Total derivatives
 $ 84,918  $ 79,046  $ 57,466  $ (58,776) $ (27,723) $ (32,987)
Schedule of Derivative Assets and Liabilities Presented in Consolidated Balance Sheet Adjusted from Current Gross If VF were to offset and record the asset and liability balances on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets would be adjusted from the current gross presentation to the net amounts as detailed in the following table:
  December 2022 March 2022 December 2021
(In thousands) Derivative
Asset		 Derivative
Liability		 Derivative
Asset		 Derivative
Liability		 Derivative
Asset		 Derivative
Liability
Gross amounts presented in the Consolidated Balance Sheets
 $ 84,918  $ (58,776) $ 79,046  $ (27,723) $ 57,466  $ (32,987)
Gross amounts not offset in the Consolidated Balance Sheets
 (24,024) 24,024  (18,721) 18,721  (22,964) 22,964 
Net amounts
 $ 60,894  $ (34,752) $ 60,325  $ (9,002) $ 34,502  $ (10,023)
Schedule of Derivative Assets and Liabilities Presented in Consolidated Balance Sheet Adjusted from Current Gross If VF were to offset and record the asset and liability balances on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets would be adjusted from the current gross presentation to the net amounts as detailed in the following table:
  December 2022 March 2022 December 2021
(In thousands) Derivative
Asset		 Derivative
Liability		 Derivative
Asset		 Derivative
Liability		 Derivative
Asset		 Derivative
Liability
Gross amounts presented in the Consolidated Balance Sheets
 $ 84,918  $ (58,776) $ 79,046  $ (27,723) $ 57,466  $ (32,987)
Gross amounts not offset in the Consolidated Balance Sheets
 (24,024) 24,024  (18,721) 18,721  (22,964) 22,964 
Net amounts
 $ 60,894  $ (34,752) $ 60,325  $ (9,002) $ 34,502  $ (10,023)
Schedule of Derivatives Classified as Current or Noncurrent Based on Maturity Dates
Derivatives are classified as current or noncurrent based on maturity dates, as follows:
(In thousands) December 2022 March 2022 December 2021
Derivative Instruments Balance Sheet Location
Foreign exchange contracts Other current assets $ 79,862  $ 71,910  $ 50,298 
Foreign exchange contracts Accrued liabilities (42,274) (24,267) (28,326)
Foreign exchange contracts Other assets 4,634  7,136  7,168 
Foreign exchange contracts Other liabilities (16,502) (3,456) (4,661)
Interest rate contracts Other assets 422  —  — 
Schedule of Effects of Cash Flow Hedging included in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income The effects of cash flow hedging included in VF’s Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income are summarized as follows:
(In thousands)
Gain (Loss) on Derivatives
Recognized in OCI
Three Months Ended December
Gain (Loss) on Derivatives
Recognized in OCI
Nine Months Ended December
Cash Flow Hedging Relationships 2022 2021 2022 2021
Foreign exchange contracts $ (120,057) $ 14,185  $ 82,058  $ 43,983 
Interest rate contracts 422  —  422  — 
Total $ (119,635) $ 14,185  $ 82,480  $ 43,983 
(In thousands)
Gain (Loss) Reclassified from Accumulated OCI into Income
Three Months Ended December
Gain (Loss) Reclassified from Accumulated OCI into Income
Nine Months Ended December
Cash Flow Hedging Relationships Location of Gain (Loss) 2022 2021 2022 2021
Foreign exchange contracts Net revenues $ (2,759) $ (9,284) $ (18,243) $ (16,045)
Foreign exchange contracts Cost of goods sold 27,019  (3,974) 44,780  (26,644)
Foreign exchange contracts Selling, general and administrative expenses 1,816  688  5,380  (418)
Foreign exchange contracts Other income (expense), net 6,802  104  24,055  (2,958)
Interest rate contracts Interest expense 27  27  81  81 
Total $ 32,905  $ (12,439) $ 56,053  $ (45,984)